At a glance
IYG charges 0.37% a year, above the 0.24% average of the 8 funds most like it (the 6th cheapest of 9). It has $2.17B in assets, the 6th largest of that group; it paid 1.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +26.1% a year. At its worst it fell 44.3% in the 2020 crash (S&P 500: 33.7%) and 29.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 17 months after the lows. Its ten largest positions make up 63.3% of the fund, out of 99 in all.
The short version
The iShares U.S. Financial Services ETF (IYG) is a BlackRock index fund that tracks the Dow Jones U.S. Financial Services Index. That index holds U.S. banks, asset managers, investment firms and card networks such as Visa and Mastercard. The fund is heavily concentrated: as of July 31, 2026, JPMorgan Chase and Berkshire Hathaway were about 13% each. Its 0.37% annual fee is far above the 0.08% charged by XLF, a similar fund.
Price history
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IYG +6.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IYG official prospectus, to Dec 31, 2025 | — | +20.01% | — | +14.79% | +13.71% | — |
| SP Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| IYG price data to Oct 27, 2026 | +2.2% | +6.1% | +26.1% | +8.9% | +13.8% | +5.8% |
- Over the year to Oct 27, 2026, IYG returned +6.1%, 8th of 9 among similar funds.
- Its 5-year annualized return was +8.9% and its 10-year +13.8%.
- In the 2020 COVID crash it fell 44.3% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2008 (-53.5%); its best was 2013 (+42.6%).
- The deepest fall in its price history was 82.5% (Feb 20, 2007 to Mar 6, 2009), recovered by Nov 28, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.2% | — |
| 2025 | +19.9% | +20.01% |
| 2024 | +32.0% | +31.95% |
| 2023 | +16.1% | +15.96% |
| 2022 | -16.8% | -16.73% |
| 2021 | +30.4% | +30.35% |
| 2020 | +1.0% | +0.89% |
| 2019 | +37.6% | +37.67% |
| 2018 | -12.5% | -12.44% |
| 2017 | +24.5% | +24.42% |
| 2016 | +19.9% | +19.88% |
| 2015 | -0.7% | — |
| 2014 | +11.0% | — |
| 2013 | +42.6% | — |
| 2012 | +31.7% | — |
| 2011 | -21.1% | — |
| 2010 | +7.4% | — |
| 2009 | +15.0% | — |
| 2008 | -53.5% | — |
| 2007 | -23.0% | — |
| 2006 | +17.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 80.9% over that stretch · deepest drop along the way 81.4%, back to its old high 102.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.3% over that stretch · deepest drop along the way 44.3%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.2% over that stretch · deepest drop along the way 29.6%, back to its old high 17.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7700 | |
| 2025 | $0.9200 | +1.1% |
| 2024 | $0.9100 | -14.4% |
| 2023 | $1.0633 | -1.8% |
| 2022 | $1.0833 | +33.7% |
| 2021 | $0.8100 | -5.5% |
| 2020 | $0.8567 | +6.6% |
| 2019 | $0.8033 | +18.7% |
| 2018 | $0.6767 | +25.3% |
| 2017 | $0.5400 | +19.1% |
| 2016 | $0.4533 | +13.3% |
| 2015 | $0.4000 | +15.4% |
| 2014 | $0.3467 | +33.4% |
| 2013 | $0.2598 | +182.1% |
| 2012 | $0.0921 | +53.8% |
| 2011 | $0.0599 | +105.1% |
| 2010 | $0.0292 | -57.1% |
| 2009 | $0.0681 | -75.5% |
| 2008 | $0.2784 | -9.7% |
| 2007 | $0.3084 | +10.3% |
| 2006 | $0.2797 |
What's inside
As of Jul 31, 2026, the fund held 99 securities; the ten largest made up 63.27% of assets.
| Holding | Weight | |
|---|---|---|
| JPMORGAN CHASE & CO. | 13.03% | |
| BERKSHIRE HATHAWAY INC. | 12.96% | |
| VISA INC. | 8.40% | |
| MASTERCARD INCORPORATED | 6.39% | |
| BANK OF AMERICA CORPORATION | 5.59% | |
| THE GOLDMAN SACHS GROUP, INC. | 4.15% | |
| WELLS FARGO & COMPANY | 3.66% | |
| MORGAN STANLEY | 3.49% | |
| CITIGROUP INC. | 3.12% | |
| AMERICAN EXPRESS COMPANY | 2.47% | |
| THE CHARLES SCHWAB CORPORATION | 2.38% | |
| BLACKROCK, INC. | 2.18% | |
| CAPITAL ONE FINANCIAL CORPORATION | 1.80% | |
| S&P GLOBAL INC. | 1.73% | |
| The Bank of New York Mellon Corporation | 1.48% |
By country
United States 99.37%Bermuda 0.27%Puerto Rico 0.16%By asset type
Stocks 99.79%By sector
Sectors of the companies held, for the 90.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $2.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.84%, +3.88%, +5.55%.
How it works
IYG tracks the Dow Jones U.S. Financial Services Index. The index is run by S&P Dow Jones Indices, which is independent of BlackRock. It is a slice of the broader Dow Jones U.S. Index and draws from six subsectors: banks, asset managers, consumer finance, specialty finance, investment services and mortgage finance. It can include large, mid-size and small companies. The index provider decides which companies are in and how much each one weighs. The biggest firms dominate. As of July 31, 2026, the top 10 of its 99 holdings made up about 63% of the fund.
BlackRock Fund Advisors uses "representative sampling." That means it buys a group of stocks that together look like the index, so it may not own every member. Under normal conditions, at least 80% of net assets must be in index stocks. The fund may use derivatives such as futures, which were a tiny position as of July 31, 2026. It may hold cash and lend out securities worth up to one-third of its assets to earn extra income. Turnover is low, at 3% a year.
The fund is "non-diversified," so it can put more money into a few companies than a diversified fund can. It does not try to beat the index or move into defensive holdings when markets fall.
What it really costs
- IYG charges 0.37% a year, versus an average of 0.24% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IYG | $38 | $119 | $208 | $468 |
In a retirement portfolio
IYG holds only U.S. financial companies, is concentrated in a few large names and has fallen by more than 80% in a past crisis.
IYG could add a focused position in U.S. banks, card networks and investment firms on top of a broad stock fund, which already owns many of these companies. Its history shows the cost of that focus. From its February 2007 peak to March 2009, it fell 82.5%, and it took about 105 months, until November 2017, to recover. It lost 53.5% in 2008. It dropped 44.3% in the 2020 COVID crash and took about 9.5 months to recover. In the 2022 bear market it fell 29.6% and took about 17 months to recover. Anyone forced to sell shares in years like those would lock in deep losses. Income is modest: the yield was 1.1% over the 12 months to October 27, 2026, paid quarterly. The 0.37% fee is above the 0.24% average of similar funds. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a targeted add-on in large U.S. financial firms such as JPMorgan Chase, Berkshire Hathaway, Visa and Mastercard, alongside a diversified core.
- Long-term holders who can sit through deep sector drops, like the 82.5% fall from 2007 to 2009, without needing to sell.
- Investors comfortable with a non-diversified fund whose top 10 holdings made up about 63% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: XLF, VFH and FNCL charge 0.08% to 0.09% a year versus IYG's 0.37%, and their holdings overlap heavily with IYG's.
- Retirees who may need to sell in a downturn; IYG took about 105 months to recover from its 2007–2009 drop.
- Income seekers: IYG's yield was about 1.1% over the 12 months to October 27, 2026, paid only quarterly.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IYG this fund | — | 0.37% | $2.17B | +6.1% | +26.1% |
| XLF Financial Select Sector SPDR Fund | 84% | 0.08% | $51.35B | +9.9% | +22.7% |
| FNCL Fidelity MSCI Financials Index ETF | 77% | 0.084% | $2.38B | +6.5% | +23.6% |
| VFH Vanguard Financials ETF | 75% | 0.09% | $14.77B | +10.0% | +23.4% |
| IYF iShares U.S. Financials ETF | 75% | 0.39% | $4.43B | +6.7% | +24.4% |
| IXG iShares Global Financials ETF | 43% | 0.41% | $585.8M | +14.3% | +27.6% |
| KBWB Invesco KBW Bank ETF | 40% | 0.35% | $6.77B | +17.4% | +37.5% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 40% | 0.4% | $304.7M | +7.7% | +21.1% |
Questions investors ask
Is IYG good for retirement?
IYG is a sector fund, so it works more as a higher-risk add-on than a core retirement holding. It owns only U.S. financial companies. It fell 82.5% from February 2007 to March 2009 and did not recover until November 2017. It also dropped 44.3% in early 2020. Under the SEC's standard example, the 0.37% fee comes to about $38 on a $10,000 investment after one year and $468 after ten years.
What's the difference between IYG and XLF?
The biggest differences are cost, size and index. IYG charges 0.37% a year and tracks the Dow Jones U.S. Financial Services Index. The Financial Select Sector SPDR Fund (XLF) charges 0.08%. About 84% of their holdings overlap, based on their latest N-PORT reports. XLF is also much larger, with about $51.4 billion in net assets as of June 30, 2026. IYG had about $2.2 billion as of July 31, 2026.
Does IYG pay monthly dividends?
No. IYG pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, its payouts came to about $1.03 per share, a yield of roughly 1.1%. The money comes from dividends paid by the companies it owns, such as large banks and card networks, so it can rise or fall with their payouts. Investors who want larger or more frequent income would need to look at other kinds of funds.
What are IYG's top holdings?
As of July 31, 2026, IYG's largest holdings were JPMorgan Chase (13.0%), Berkshire Hathaway Class B (13.0%), Visa (8.4%), Mastercard (6.4%), Bank of America (5.6%) and Goldman Sachs (4.2%). Wells Fargo, Morgan Stanley, Citigroup and American Express complete the top 10, which together made up about 63% of the fund. It held 99 companies, almost all of them based in the United States.
What is IYG's 10-year return?
According to its prospectus, IYG returned an average of 13.71% a year over the 10 years ended December 31, 2025. That was slightly behind the 14.22% of the S&P Total Market Index, a broad U.S. stock benchmark. Over five years it returned 14.79% a year, compared with 13.07% for that index. Calendar-year results ranged from a 37.67% gain in 2019 to a 16.73% loss in 2022. Its price return for the year ended October 27, 2026, was 6.1%.